Spire Healthcare announces IPO price range at 210p to 300p

Spire Healthcare Group has revealed its initial public offering price range at 210p to 300p per share, valuing the company at a little under £1bn. The final pricing is expected to be announced around 18 July.

With 45 per cent of the company set to be listed, Spire is hoping to raise gross proceeds of £315m through the sale of old and new shares.

Spire chief executive Rob Roger said:

We are pleased with the level of investor interest we're seeing at this stage of the IPO process. We believe the dynamics of the UK healthcare market are strong and will strengthen further given the growing UK population and increasing life expectancy.

Spire announced its intention to float on the London Stock Exchange back in June. The money raised will be used to pay off debts and cover the listing cost.

The announcement followed the decision of Spire's private equity owners to cease talks on a trade sale. Founded in 2007, the company boasts 39 private hospitals and 13 clinics across the UK, with revenues of £764.5m in 2013.

Spire provides care to approximately 236,000 patients, in-patients and daycase patients and employed 6,944 people as of December 2013.